The industry is pointing to international travel dynamics as the primary culprit, but the details are more pointed than the typical currency and economic explanations. Australian travel agents are reporting something more direct: political boycotts.
Nick Farr, who has operated SkiAspen tour packages for 31 years, told SnowBrains that bookings to the US are down about 30% among Australian operators. Farr typically books 45 days of Aspen tours annually but has only managed 30 days this season—a 33% decline. His explanation was blunt: many of his regular clients are refusing to visit the US during the current administration.
Toby Withers, Director at Travelplan, Australia's largest snow holiday operator, confirmed similar sentiment among his customers, with many stating they won't return to the US "until Trump and this administration are gone." Beyond the political angle, Australians are also facing an unfavourable exchange rate and elevated flight costs, making North American ski trips less attractive across the board.
The US Travel Association's forecast supports the broader trend—inbound travel to the US is projected to fall 6.3% in 2025, keeping international visitation 15% below pre-pandemic levels. Aspen's key international markets include Australia, Canada, Mexico, and Brazil. While Brazilian demand has surged due to favourable currency conditions, it hasn't been enough to offset weakness from Canada and Australia, which have historically represented larger booking volumes.
Colorado's historically dry and warm early season hasn't helped matters. When international travellers are already hesitant and you're competing against resorts with better snow conditions elsewhere, the value proposition gets harder to sell. Aspen has received 22 inches in the past week and currently has the most terrain open in Colorado, but that recent improvement doesn't change what the booking window looked like in November and December when conditions were grim.
The fact that Aspen's lodging sector has maintained flat revenue by increasing rates 5.9% while occupancy dropped 5.5% might look clever in the short term, but it's not a sustainable approach if the underlying demand issues persist. You can only squeeze existing customers so much before they start looking at alternatives—particularly when those customers are already price-sensitive due to exchange rates and expensive flights.
February bookings were tracking 4.2% behind last year as of late January, so there's no indication the trend is reversing. The report suggests that Olympic-year enthusiasm and improved snow conditions might drive a late-season rebound, but that's optimistic thinking in an environment where the fundamental constraints—political sentiment, currency pressures, flight costs—haven't changed.
The political boycott angle is particularly interesting because it's something the resort and lodging operators have zero control over. You can discount rates, you can run marketing campaigns, you can pray for snow, but you can't do much when a significant portion of your international customer base decides they don't want to visit the country at all. Australian skiers and riders have plenty of other options—Japan, Canada, Europe—and if the sentiment persists, Aspen and other US resorts may need to recalibrate their expectations for international visitation.
The broader US ski industry should be watching this closely. If Aspen, with its strong international brand recognition and established tour operator relationships, is down 5.5% and absorbing the impact through rate increases, other resorts with less pricing power and weaker international appeal are likely facing steeper declines. The question is whether this is a temporary dip tied to one administration or a longer-term shift in how international travellers view US ski destinations.
